Commerce Bank to change signs, extend posting hours

Starting Friday, Commerce Bank said it will make two changes at its seven South Florida branches.

The Cherry, Hill, N.J.-based bank said it will put its signs on those branches, which still have signs of Palm Beach County Bank which Commerce bought on Dec. 5.

Also starting Friday, Commerce said all transactions completed up until 8 p.m. will be posted the same day. That includes deposits and loan payments.

At most banks, transactions completed after 3 p.m. are posted the following business day.

"Time is money, and by extending the banking business day, Commerce gives both our retail and commercial customers more flexibility and greater control over their cash flow," said John Tolomer, Commerce's market president for Florida.

Commerce is a subsidiary of Commerce Bancorp (NYSE: CBH), which has $36 billion in assets and branches in seven states and the District of Columbia.

Commerce joins Fort Lauderdale-based BankAtlantic in having a network of branches open Sundays in Florida.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.